GBP/USD: The strength of the Cable bulls is questionable [Video]

Richard Perry Independent Analyst

GBP/USD

In a similar configuration to EUR/USD, a near term trading range also continues to develop on Cable. However, there is a less prominent positive bias on Cable. It is interesting to see that the long upper shadows of the candlesticks continues to be seen, which are reflective of a string of bull failures. How prominent these bull failures are will come to light if the dollar bulls begin to find some traction once more. There is a mild negative drift still present on MACD and Stochastics. This is not an issue now, but the strength of the Cable bulls is questionable and if tide does turn again and the dollar strengthens once more, there could be a more considerable swing lower. The market is trading around what is essentially mid-range resistance in the band 1.3100/1.3120, but unable to pull above it. There is a minor higher low around 1.3045 that needs to hold to prevent another drop back to pressure 1.2980/1.3000. After another bull failure on Friday at 1.3140, this needs to be overcome quickly to prevent becoming a basis of a mid range lower high.

Author

Richard Perry

Independent Analyst

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